5 Signs Real Estate is Already Bouncing Back

By Kurt Real Estate Aug 6, 2020

Though an economic downturn is typically a bad sign for the real estate market, this is arguably the first in American history to cause even MORE people to move! Unlike the catastrophes of the past which have limited mobility, this crisis has done just the opposite…and we are helping our clients jump on the opportunity!

COVID has done something no other downturn has done and that is it has placed an added importance on the meaning of home. Now with the majority of our time spent at home, people are reevaluating what it is they need in a home. Their needs are changing and evolving and this is causing many people to see the value of their current home in a new light.

Because of this, the Orange County real estate market is as hot as ever with properties selling in days with multiple offers, many exceeding the asking price. With that said, here are 5 signs that real estate is already bouncing back.

Mortgage rates reached an all-time low in July causing mortgage applications to spike. With rates settling around the high 2’s and low 3’s, mortgage applications rose 33 percent for the first week of July compared to this time last year.
Home sales activity rebounded. Existing home sales in June increased 20.7 percent month-over-month, the highest monthly increase recorded!
Home prices are at all-time highs. Existing home sales grew 2.8 percent, hitting an all-time high for the 100th month in a row!
Homes are selling faster than ever before. Currently, the average days on market is just 20 days. Many are selling faster than that! This is the fastest rate ever recorded.
Homebuilder sentiment is at 72, up 14 points in July. The last time we saw a yearly average as high was 1999.
Are you considering selling your home? We can’t emphasize enough – NOW is the time! We are seeing the housing market bounce back rather quickly and stronger than ever. While none of us know what the future holds, we do know one thing is for sure, homes are selling at record highs at the fastest rate in history!

If you’re a homebuyer, it’s more important now than ever that you hire the RIGHT professional for the job. It is inevitable you are going to be competing against multiple offers so you want to hire someone that knows how to stage you as the best possible buyer and beat out the competition to get you the home. Want to know our 5 strategies to win in a multiple offer situation? Contact us or call our recorded line at 866-957-6677 ext. 2.